David, in most cases like this the stop pin is missing. There should be a pin in the wheel that drives the fly wheel (the flat regulator). What should happen is the lever drops down when it reaches the bottom of the rack, it moves in front of the pin and the clock stops striking. Look to make sure there is a pin protruding from the second or third wheel from the end of the train. If there is no pin a new pin must be put into the wheel.
Stevens Clocks, June 2009